The 18-year-old winger Jesús Joaquín Fernández Sáez de la Torre, better known as Suso, arrived at Anfield from Segunda Division B side Cadiz two years ago and made his senior debut for the club in the Europa League game against BSC Young Boys.
His performances since then - he made his Premier League debut as a substitute in the game against Manchester United and created Nuri Sahin's goal in the Capital One Cup win over West Brom in the midweek game - have generated a lot of interest in the youngster.
"The contract is something we're looking at," Reds' manager Brendan Rodgers said. "Suso makes things happen. He is tactically very good and strong technically with the ball. I love that type of player. You saw that when he came on against West Brom for the goal. He took the ball out of a tight space. Talent finds space and he is a real talent."
The young attacker is in the final year of his contract with Liverpool, and unless he signs a new deal before January, he will be free to sign a pre-contract with another club and leave for free next summer... something Rodgers will be keen to prevent.
Suso's inclusion in the Liverpool first team was fortunate for both parties, it now appears. The initial plan for the club was to sign a striker in the summer transfer window, after seeing £35m signing Andy Carroll leave on loan for West Ham United. The club were linked with Chelsea's Daniel Sturridge and Fulham's Clint Dempsey (who eventually moved to Spurs) but neither transfer materialised and Rodgers was left to call up youngsters Suso and Raheem Sterling.
The presence of a third experienced international up front will always be a welcome option for Rodgers but even he must now admit the failure to sign one in the summer may have been a blessing in disguise. Suso and Sterling have both been hugely impressive so far this season - the latter was even called up for the England senior team, for a World Cup qualifying game against Ukraine. He did not play, though, and still awaits his first cap.
"I have seen a real difference in him in the last couple of months since I brought him up to Melwood. He has got a really good appetite for the game. He is on the same page in terms of the tactical idea for the team. If his fight matches his talent then we will have a very good player," Rodgers told the Liverpool Echo, adding that he now saw Suso as part of the club's long-term future.